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Bitcoin DeFi protocol Sovryn loses over $1 million in hack

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Sovryn, a decentralized finance protocol on Bitcoin network, lost more than a million dollars in one of the exploits. The hackers used a price gouging technique to exploit the protocol.

Sovryn DeFi loses over $1 million in hack

The exploit in question occurred earlier this week, in which the perpetrator stole more than $1 million in cryptocurrency from the protocol. The stolen funds consisted of 211,045 USDT and 44.93 RBTC.

a Blog post From the DeFi platform on the matter, he said the attacks targeted the Sovryn Borrow/Lend protocol, which affected the RBTC and USDT lending groups.

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RBTC is a stablecoin like Tether (USDT). However, while the USDT price is pegged to the US dollar, the RBTC price is pegged to Bitcoin. The DeFi platform is powered by Rootstock (RSK), a Bitcoin subsidiary that seeks to expand Bitcoin smart contract, decentralized application (DApp), and scaling capabilities.

The attackers withdrew part of the funds through the Sovryn AMM swap feature. Through this feature, the attacker was able to steal several tokens from the platform, while still being able to recover these funds.

Sovereign spokesperson Aidan Yago said this was the first successful exploit against the platform despite its two-year run. He also added that Sovryn has been focusing on security by being among the most audited of DeFi platforms.

The attackers carried out this exploit by manipulating the iToken price. iToken is an interest-bearing token that represents the share of cryptocurrency that a user holds within the lending pool. The price of the token is updated every time there is an interaction with the center of the lending aggregator.

How did the attackers steal the money?

The attackers stole funds from the protocol using a price-manipulation technique. Under this technique, the attacker purchased a wrapped RBTC (WRBTC) through a flash swap at RskSwap. The attacker borrowed an additional WRBTC from Sovryn’s lending contract with XUSD. XUSD, which is also a stablecoin, was used as collateral during the transaction.

The attacker later provided liquidity to the RBTC lending contract and closed his loan using a swap with XUSD as collateral. They later retrieved and burned the iRBTC token and sent WRBTC back to RskSwap to complete the flash swap transaction.

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The attack involved manipulating the iToken price so that the attacker could withdraw more RBTC from the lending platform than his initial deposit. Sovren also said that funds owned by users were not affected by the attack. Treasury Sovereign will also compensate for lost funds within the lending pools to ensure the safety of users’ funds.

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Blockchain

Socios chief goal? To knock cryptocurrency out of the park – Cointelegraph Magazine

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What is the dream of a sports fan? To be the announcer at a match at AC Milan, in front of 75,000 raucous Rossoneri fans?

To play a football match on the sacred turf of your beloved FC Barcelona?

To take a tour of the F1 team’s garage before the race, then watch the Monza Grand Prix from the VIP box?

These are some of the biggest bonuses offered as incentives for joining Chiliz, or the CHZ-based fan token schemes on Socios.com. There are also lesser, but still desirable prizes, such as meeting your sports stars, choosing the music to play when your team scores a goal, or being voted on to design next year’s team bar.

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Socios.com has now partnered with over 170 sports clubs in 25 countries and 10 sports, including American football, soccer, basketball, cricket, esports, ice hockey, mixed martial arts, motorsports, tennis and rugby. Eighty of these organizations have already launched their official fan tokens on the Socios.com app, and have high-profile deals with giants, such as Manchester City, Barcelona and the Aston Martin F1 team.

Alex Dreyfuss talks to a magazine from his desk. Source: Julian Jackson

The team leader behind this is Socios CEO Alex Dreyfus. “I’m French, I’m 45 now. I’ve been an internet entrepreneur for 25 years. I left school before [I was] 18 years old. I created my first company in 1995 at the beginning of the internet. I am from the web 1.0 generation. So, for the past 25 years, my journey has always been to try to use technology to create something that doesn’t exist and try to embrace it before others.”

He began by developing a French city guide that covered first Paris, then 36 other French cities. As a serial entrepreneur, he moved into an online gaming venture, with sports betting and online poker. While there is less regulation in France, unlike the UK, there are no betting shops everywhere. He moved to Malta 17 years ago, and 10 years ago he cashed in his bookmaking ventures to raise capital for his next project.

Interestingly, he started out as a Bitcoin skeptic. Coming from the highly regulated world of online gambling, he had a hard time wrapping his thoughts around a decentralized system without a supervisory body.

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Bitcoin skeptic…at first

On their honeymoon in Iceland, Dreyfuss came across a shop that took bitcoins, which sparked something in his mind. When he got home, he found that the gaming space was full of cryptocurrency enthusiasts making money. “I saw my Twitter feeds – all my friends are trading cryptocurrency and talking about it.”

“And so, in 2017, I spent a lot of time educating myself.” Andreas Antonopoulos and some other crypto influencers followed.

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“As an entrepreneur, I am always trying to find new opportunities – not as an investment, but to develop. At the end of 2017, I started looking at cryptocurrencies from a mathematical angle.

An idea was creeping into his mind. Sport is global – an international language. This means that many, if not most, supporters do not live in the country of origin. According to one Exploratory studyThere are 253 million Manchester United football fans in China or nearly four times the total population of the UK!

Alex Dreyfuss
Alex Dreyfus dreamed up fan icons as a way to interact with the team’s global fan base.

Sports like F1 certainly travel the world with races in different countries, but to attend sports like American football, soccer, or the National Basketball Association, you usually need to be in the host country.

However, these fans around the world are also loyal to their teams, which is a huge base for the business.

Dreyfuss notes that the sport was ripe for confusion.

“The industry hasn’t crashed in the last 30 or 40 years, unlike most other industries in the world. Travel booking, dating, of course, taxis, banking — they’ve all crashed in one way or another. Sports are still the same as they were years ago. Management of these labels Global business can completely avoid risks.”

Fan Tokens are a way to create a new revenue stream for the many fans who live abroad.

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On January 6, 2018, I decided to come back to the office after Christmas and say, ‘Let’s do this. We’re launching our business in this area. And at that time, we were 10, maybe 12 employees. It was a leap of faith.’

“Fast-forward to today, we have 300 employees across nine offices worldwide. We are the largest company in the blockchain/sports sector, but we are also one of the largest mainstream blockchain products that are neither an exchange nor a wallet. We created the concept of Fan Tokens.”

Chiliz (CHZ) is basically the entry point, allowing fans to go to socios.com and buy tokens for their favorite National Basketball League, Formula 1, Rugby or any other sports team. It’s just like trading on any regular cryptocurrency exchange, except the token’s main tool is — in theory, at least — to allow fans to get more deeply involved with their favorite club. Utility tokens are primarily a social investment, not a financial one.

Meet and greet
Fans meet international football stars Rafa Marquez and Javier Zanetti. Source: Socios

Elevate the fan experience

Tokens enable fans to vote or participate in decisions about their team – for example, to choose what music to play when a goal is scored, what scarf designs or number a player will wear.

There is a certain similarity with DAOs: each person holding a token has input into the governance of decisions that matter to them. Dreyfuss describes this as part of governance, not ownership — a kind of mathematical influences. It makes the fan more a participant than a passive spectator. Their premier prize for football/soccer fans is Living the Dream, where fan token holders get to play football in their team’s colors on the home stadium with a star player, photographer and commentator – the complete works.

“If I had to define this experience in one word, it would be: amazing.” A symbolic holder for the Barcelona football fan to play on her team’s grounds with fellow fans and the best player in La Liga, Samuel Eto’o.

Just as Chili’s and Socios were starting to take off, COVID-19 hit, and clubs had to think about what their companies would do when stadiums were empty. So, the fan icons made more sense at that point.

Oddly enough, the first covid-19 and the current crypto winter have worked for Socios. Dreyfuss feels that the downturn in the cryptocurrency sector is removing some of the more impractical projects, but the fan tokens, with their global base in sports fans, will be able to continue to evolve without distraction.

However, the World Cup hasn’t worked out for them so far as many expected, and the token actually dropped in the first week.

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More of a marathon than a sprint

Dreyfus feels that the real goal for Socios (haha) right now is to appeal to non-crypto fans, to convince them that fan tokens have real value to them, as they will probably be a little skeptical at first. Currently, the Ethereum token, says there are plans to launch its own blockchain for the sports industry.

“The company is developing a Chili Chain 2.0 based on sports clubs, which is destined to be in the sports industry, with them in place as nodes and endorsements,” he says.

“The first iteration of this is planned for late this year, or early next. The idea is that there will be a whole ecosystem of sports clubs and fans (and Socios.com) interacting and trading with each other, generating revenue and rewards.”

Let’s give the last word to a fan: “To live a priceless experience with an idol – no comparison is possible.”

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Julian is a professional journalist and copywriter specializing in the environment, technology, and business. He has worked for the BBC, Channel 4, Reader’s Digest, NBC and Der Spiegel. https://julianj.journoportfolio.com

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IBATUSD price is in a potential buying opportunity

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Battle Infinity Price Forecast: IBATUSD Price at Possible Buying Opportunity (Dec 1)
In the event that the bulls defend the selling pressure, the increase in the momentum of the bulls may lead to a break of the resistance level at $0.002504 and this may lead to an increase IBATUSD The price has reached the higher upper trend line of $0.1000.

Key levels:
Resistance Levels: $0.002500, $0.002600, $0.002700
Support Levels: $0.002300, $0.002200, $0.002100

IBAT (USD) Long-Term Trend: Bullish (1 hour)
The IBATUSD The pair is still bullish on the higher timeframes. This is evident as we can see the price bar above EMA-9 approaching EMA-50.

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It is good to see a strong buy reaction from the price at the $0.002350 supply level as a lot of contracts pile up as the 1-hour session begins today.

If the coin price is currently exchanging at the $0.002440 support mark, and with sustained buying pressure, it is likely to retest the $0.002519 supply area which could result in daily gains for coin holders.

Thus, we have a bullish bias that the market value of Battle Infinity will rise further to the upside if the buying pressure increases. Currently, the coin price is making a correction, and there might be a possible further rally in the coin market price, and that could lead to a retest of the previous rally at the $0.002538 resistance value soon.

We can also see the Momentum indicator pointing up, which means that the cryptocurrency is likely to continue its bullish trend; Therefore, we expect the price distribution to reach the $0.1000 level soon in the long run.

IBAT (USD) Short-Term Trend: Bullish (15 minutes)
IBATUSD is moving with bullish momentum from its short-term point of view. The trend is going up and the price has not yet reached its target.

Battle Infinity Price Prediction for Today, December 1: IBATUSD Price in Possible Buying Opportunity
The coin price distribution has now moved to a high of $0.002364 which is above the moving average lines shortly after the 15-minute chart opened today, this indicates that the bulls are gradually gaining access to the market for the time being and possibly from Likely took sooner. Thus, staying above the resistance trend lines will make it able to push the currency price up further.

Similarly, a price indicator that is also bullish suggests that Battle Infinity price might remain in an uptrend, in which case the upper resistance sign at $0.1000 could be a target soon on the short-term time frame.

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Whales predict that this cryptocurrency will explode 100-fold by 2023

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Trust Wallet (TWT) is one of the best cryptocurrencies that has seen explosive growth in recent days, despite the huge ongoing crisis in the cryptocurrency markets. Many cryptocurrencies have fallen sharply in the aftermath of the FTX-SBF-Alameda crisis, but Trust Wallet (TWT) has maintained its bullish trend and has gained significant support during this time.

This is why the biggest whale in the crypto industry is predicting that the TWT cryptocurrency will increase 100 times by 2023. The price of TWT has increased by almost 90% in the past few days. The impressive rally also caused the coin to reach a new high of $2.40 on November 14.

However, the positive remarks made by Binance CEO Changpeng Zhao can be attributed to its surging rise and popularity. It is worth noting that the CEO of Binance, CZ, tweeted about the implementation of the Trust Wallet and emphasized the advantages of storing bitcoins in the Trust Wallet instead of a central exchange.

The price of TWT has surged this month as traders have moved away from centralized trading platforms to wallets.

Apart from that, the moderate recovery in the cryptocurrency market, fueled by the dovish stance of Fed Chair Jerome Powell, was seen as another major factor driving up the prices of cryptocurrencies, including the Trust Wallet Token (TWT).

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Meanwhile, the bearish US dollar, which fell more than 1.5% to a three-month low, played an important role in supporting the cryptocurrency.

The Trust Wallet Token is currently priced at $2.06, with a 24-hour trading volume of $44 million. Trust Wallet Token has lost less than 0.50% over the past 24 hours. TWT is currently ranked #50, with a market capitalization of $859 million.

The total number of TWT coins in circulation is 416,649,900, with a maximum of 1,000,000,000 TWT coins.

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Moderate growth in the cryptocurrency market

The global cryptocurrency market has been struggling in recent weeks, but managed to halt its decline and make a slight recovery today. Bitcoin (BTC) And the Ethereum (ETH)two of the most valuable cryptocurrencies, have crossed $17,000 and $1,200, respectively.

Dogecoin (DOGE) And the Litecoin (LTC), two other popular cryptocurrencies, also saw significant increases. On the other hand, the optimistic cryptocurrency market was seen as another important factor supporting the Trust Wallet (TWT) coin.

The reason for the upbeat market sentiment could be the pessimistic comments by Fed Chair Jerome Powell, which indicate a slower pace of rate hikes.

It should be noted that the markets are factoring in an 80% chance that the Fed will raise interest rates by 50 basis points at its next meeting, against a 20% chance of another 75 basis point increase.

The falling US dollar

The weakness of the US dollar was another important factor in keeping the price of the Trust Wallet (TWT) coin stable. The US dollar has been underperforming lately, as the Federal Reserve’s less hawkish stance had little impact on the currency’s value.

The dollar fell more than 1.5% against the yen on Thursday, hitting a three-month low after Federal Reserve Chairman Jerome Powell suggested that raising interest rates in the United States could slow as early as December.

Markets are putting an 80% chance that the Fed will raise interest rates by 50 basis points at its next meeting, versus a 20% chance for another 75 basis point increase, according to the CME Fed Monitor.

Top coins in highlights

With the variety of cryptocurrencies, choosing one to invest in can be challenging. Many investors are considering financing low-cost cryptocurrency projects at some point. These digital coins, with a token value of $5 or less, can be an excellent addition to most wallets.

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Despite the slowdown in the cryptocurrency market, the coins listed below are excellent additions to our portfolio.

Dash 2 Trade (D2T)

Dash 2 Trade is an innovative concept that has the potential to make it the next known currency in the volatile world of cryptocurrency. It is a relatively new cryptocurrency project with a practical application that few others can match. Dash 2 Trading offers a variety of trading services using its D2T token.

Dash 2 Trade, a cryptocurrency social trading and analytics service, accepts the ERC-20 D2T token as the project’s native currency. Dash 2 Trade provides unique trading signals that consider technical and social factors in order to suggest profitable trading techniques. The prequel began in mid-October, and within the first 24 hours it generated $500,000, increasing the total amount raised to $1 million.

Moreover, Dash 2 Trade provides superior technical indicators to experts, such as order book data and linear regressions, to help them make informed judgments and better manage risk. The Dash 2 Trade white paper says that the platform will also evaluate pre-sale projects for new cryptocurrencies based on a number of factors to ensure that investors have confidence in the projects.

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More than 70,000 investors have already invested in these tokens by purchasing them during the ongoing D2T token pre-sale. The third pre-sale of these tokens has started and now 1 D2T token is available for 0.0513 USDT. Presales reached over $7.6 million at the time.

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Tora Inu (Tora)

Tora Inu has a number of P2E games planned as well as a metaverse integration in the future where users can compete with Tora Inu NFTs for additional TORA. Your Tora will grow with you in the metaverse, and as she gets stronger, she will be able to give you greater gifts. You can feed him, walk him, or even take him to the gym with you.

The bonus code and the “TORA” meme help balance supply and demand. The token has a depletion mechanism and a means of rewarding its holders. Tora Inu intends to develop its earning gameplay environment effectively through the use of meme money, NFT, and metaverse trends.

Investors flocked to TORA during the project’s current presale, anticipating a 100-fold gain in the following year.

Calvaria (RIA)

Calvaria, a new cryptocurrency project, is built around gambling tactics for profit. The project’s goal is to increase public acceptance of cryptocurrency by building an amazing battle card game along the lines of video games like Magic the Gathering. The platform hopes to succeed by seeking to bridge the gap between the real world and cryptocurrency.

The free account will also provide important information about the cryptocurrency project in order to educate a larger audience about its unique characteristics. If Calvaria is a hack, it could contribute more to the development of bitcoin usage than any other blockchain game to date.

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The RIA pre-show has reached Stage 5, and is now accessible to the entire public. Calvaria raised $2.1 million out of a total of $3,075,000. USDT got a good response from cryptocurrency enthusiasts who play for profit.

According to these numbers, 121 million RIA tokens have been sold. The peer-to-peer cryptocurrency company has sold nearly 70% of its Phase 5 pre-sale. At the time of writing, 1 USDT was worth 33.33 RIA.

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Tamadoji (tama)

Tamadoge is the next affordable cryptocurrency of 2023. It is the accepted payment option on the Tamaberse platform, where users can create and raise virtual animals. After that, you can compete in user battles to climb the TAMA leaderboards and collect monthly rewards.

TAMA is now trading on a number of platforms and is growing in popularity among cryptocurrency enthusiasts as a reliable and high potential asset.

One of its biggest characteristics is the potentially deflationary nature of a cryptocurrency like this, which means it will eventually reduce the amount available now. The current price of Tamadoge is $0.020 with a volume of $1 million in 24 hours.

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Tamadoge price is up more than 3% in the last 24 hours and it is currently ranked 2756th in the market. The maximum supply of TAMA Coins is 2,000,000,000,000.

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